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4 Mid-Cap Energy Stocks That are Still Cheap By StockNews

by Mike Robinson

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© Reuters 4 Mid-Cap Energy Stocks That are Still Cheap

Due to high prices and a shortage of oil, the recent price spike in oil has seen its highest level for seven years. OPEC is not planning to meet the rising demand by increasing supply. We believe it would be prudent to invest in mid-cap stocks such as APA Corporation, California Resources (NYSE :), Whiting Petroleum(NYSE 🙂 and Oasis Petroleum (NASDAQ:). At their current price levels, they each look overvalued. Keep reading. U.S. crude oil prices rose to new seven-year highs due to a combination of a reduced supply by oil-producing nations and rising demand. The September start has seen oil prices rise by over 16%. The oil price rise is exacerbated by high natural gas prices.

Also driving the rally is OPEC+’s decision to stick to its earlier agreement to increase the worldwide supply by a limited amount, ignoring the heightened demand. To address the rising price, the White House called for greater support from oil-producing nations.

Many energy stocks have become too overvalued due to the booming oil industry. We believe that fundamentally sound mid-cap stocks such as APA Corporation, California Resources Corporation and Whiting Petroleum Corporation are still undervalued at current prices. These stocks are solid investments now.

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